November 06, 2017 06:56 PM
When you get a moment, get your pay stub and look at how much tax you pay to the federal government. Monday, lawmakers started revising the GOP bill to overhaul the federal tax system.
We talked to two accounting firms to see how the plan could impact families. We came up with three scenarios for families and got rid of as many variables as we could. And our focus was the bottom line.
We worked with the firm LaDelfa Schoder and Walker in Mount Morris. For a family of four making $100,000, getting the proposed $24,000 standard deduction, the savings on federal tax was $2,436.
"It looks like it'll save them some money," says accountant Paul Deagle. But then he hesitated because with income tax, every family is different. "You can't throw an umbrella around it and come up with the same answer for everybody," he says.
Our second accountant was David Young of Young and Associates in Henrietta. According to his calculations with the proposed plan, a family of four making $100,000 a year gets a savings of $601.
"They would make out slightly better," he says. But both accountants are concerned about what the tax plan takes away. Like, you won't be able to deduct your state income tax and a lot of your property taxes.
"For an average family in Monroe County, I believe you will be worse off in the long run with this plan," Young says.
It also eliminates student loan interest as a deductible.
Brean: "And that doesn't make sense to you."
Deagle: "That doesn't make sense to me at all."
"If your income is high enough then you don't get to deduct it anyway," Deagle says. "So now they're essentially taking that away from the average person."
The plan is coming up for a vote in the House of Representatives. So Monday, I found out where every single member of Congress in New York state stands on this plan.
Where do the New York State Members of Congress Stand on the GOP Tax Plan?
Tom Reed (R-23)
Chris Collins (R-27)
Sean Patrick Maloney (D-18)
Carolyn Maloney (D-12)
Leaning Yes with changes
Leaning No with changes
We compiled this based on statements made by each member of Congress on their website or by comments they made in recent news stories.
Updated: November 06, 2017 06:56 PM
Created: November 06, 2017 06:56 PM
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